Budget Speech 2026

Madam Speaker, the structural reforms to lift growth we are implementing alongside this fiscal strategy reflect an understanding that the state should adjust to the needs of the national economy in a flexible way. Operation Vulindela must be understood in this context.

In terms of energy reforms, we are stabilising electricity supply and building a competitive, reliable energy market.

Regulatory reforms in this sector have unlocked significant private investment, accelerating generation capacity and driving the transition towards cleaner, renewable power.

In logistics, we are dismantling bottlenecks in rail and ports that have throttled exports and raised the cost of doing business.

Our intention is to bolster public-private investment in rail operations while retaining state ownership of rail infrastructure.

The objective is to move goods faster, cheaper and more reliably.

Reforms in local government include shifting to a performance-linked utility model for water and electricity services.

This is aimed at strengthening financial sustainability, accountability and transparency.

Spatial and housing reforms focus on restructuring our cities to ensure that people have access to affordable housing located close to centers of economic activity.

This is a systematic effort to remove the structural blockages that have held back growth for many years.